332 Terracotta Ter, Howey In The Hills, FL 34737
4 beds · 2 baths · 2,164 sqft
Located just seven minutes from the Turnpike, this modestly sized, open-floorplan home is in Venezia, a newer single family home community situated just down the street from the charming downtown Howey in the Hills. The home is directly across from a green space and is right off a cul-de-sac, offering a peaceful setting. It's also a short drive from Mount Dora, Tavares, Eustis, Leesburg, Clermont, and the greater Orlando area, making it ideal for commuters. The home features an open-concept floor plan that provides both comfort and convenience for everyday living and entertaining. The home has great curb appeal with, a driveway made of pavers, and a well-designed exterior which offer a welcoming first impression. The kitchen includes 42-inch espresso cabinetry, quartz countertops, stainless steel appliances, a subway tile backsplash, and a large center island with pendant lighting; perfect for meal prep, entertaining, and casual dining. The living and dining areas flow into a bright and airy living room, which boasts a nine-box ceiling, a modern ceiling fan, and comfortable carpeting. The owner’s suite offers a peaceful retreat, complete with an en-suite bathroom featuring dual vanities, a large all-tile walk-in shower, a spacious tub, and plenty of closet space. Three additional bedrooms are well-sized for family, guests, or a home office. As well as a flex room at the front of the house. The outdoor space includes a covered back porch, a small front porch, a front lawn, and a backyard with plenty of potential for your personal touch; ideal for relaxing or entertaining. Howey has several parks, a local library, and two playgrounds, all within walking distance of the neighborhood. The new Pine Park being built across from the green space will feature a boardwalk connecting directly to the neighborhood, offering easy access to outdoor spaces. The home is also conveniently located near theme parks and recreational areas. Don’t miss out on this opportunity.
Source: STELLAR #O6277917
Financials
Source: Public records
Source: STELLAR #O6277917
To qualify, you must meet the current FHA or VA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50%. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
FHA (Federal Housing Administration) loans
FHA loans require the buyer to assume the mortgage as a primary residence.
VA (Veteran's Affairs) loans
You don't have to be a veteran to assume a VA loan. However, not all veterans are willing to let a non veteran assume their mortgage. Roam confirms the seller's willingness prior to you making an offer.
Investors
You may be able to assume a VA mortgage as an investor without it being your primary residence.
What is Roam?
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
What is an assumable mortgage?
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
Why is an assumable mortgage valuable?
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
How can you find assumable mortgage listings?
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Get Notified” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
How do I qualify for an assumable mortgage?
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
Roam is committed to and abides by the Fair Housing Act of Equal Opportunity Act.